How low should lowland let its tv inventory drop

Assignment Help Basic Statistics

Reference no: EM131167208

The weekly demand for TVs at Lowland Appliance is normally distributed with mean 400 and standard deviation 100.

Each time an order for TVs is placed, it arrives exactly four weeks later. That is, TV orders have a four-week lead time. Lowland doesn't want to run out of TVs during any more than 1% of all lead times.

How low should Lowland let its TV inventory drop before it places an order for more TVs? (Hint: How many standard deviations above the mean lead time demand must the reorder point be for there to be a 1% chance of a stock out during the lead time?)

Reference no: EM131167208

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